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Tilray (TLRY -4.10%) isn't just a pot company anymore. In fact, you might argue that it is more of a beer company than a marijuana company at this point. And that could be exceptionally good news for investors, since the company is now more diversified. Here's why Tilray has chosen to go down this path, the key milestone it just achieved, and why it points to a brighter long-term future.

Wall Street loves a good story When Tilray went public, marijuana was all the rage. Pot was increasingly being legalized, and investors believed it would be a huge growth opportunity. Tilray's stock rocketed higher. But it wasn't the only company trying to capitalize on the dynamics in the marijuana sector. A large number of companies jumped in, creating intense competition.

Image source: Getty Images.

And then there was the old competition, illegal sellers, that didn't go away. It turned out to be harder than expected to turn a profit in the marijuana sector. When investors realized that fact, they dumped pot stocks, including Tilray. Today, Tilray's stock price is roughly 99% below its all-time high set shortly after its initial public offering. That said, it has managed to survive and adapt.

Tilray goes down a different road At this point, it is clear that marijuana demand will grow over time. So it isn't a bad business to be in. However, it is also clear that the opportunity isn't as exciting as it seemed at first. This is why Tilray began investing in alcoholic beverages, positioning itself as "a global lifestyle and consumer packaged goods company." Its focus is now spread across beverages, marijuana, and wellness. (Wellness basically means CBD-related products.)

In fiscal 2026, the company made an important acquisition, buying beverage company BrewDog. That has transformed the portfolio, with alcoholic beverages generating $101.5 million in revenue in the first quarter of fiscal 2027, up from $55.7 million in the same quarter of 2026. Marijuana revenues came in at $56.1 million, down from $64.5 million in the first quarter of fiscal 2026. Tilray is an entirely different business today than it was a year ago.

While there is still opportunity for growth in the marijuana sector, the core of the company's business is its beverage operations. That's a far more developed industry and one that is likely to be fairly predictable. In other words, Tilray has created a stronger foundation from which to grow. As an investor, you should probably see that as a very positive shift.

TLRY Tilray Brands$2.81-$0.12 (-4.10%)

NASDAQ · As of 4:00 PM ET 10/23/26

Tilray still has a lot of work to do The growth of the beverage business wasn't the only positive from the fiscal first quarter of 2027. Tilray also reported record revenues and improved its gross margin by three percentage points. Moreover, it reduced debt in the quarter, ending the period with a net cash position (meaning it had more cash than debt on its balance sheet).

There's just one not-so-small problem: Tilray is still bleeding red ink. So while progress is being made from a business perspective, from a profit perspective, the company remains a big investment risk. Clearly, Tilray's long-term goal is to be a sustainable and profitable business. The beverage shift is part of the process of achieving that goal, but only more aggressive growth investors are likely to find the stock interesting at this point.

But even more conservative investors may want to keep Tilray on the watch list. If it does manage to become sustainably profitable, it could be an interesting way to add marijuana exposure to your portfolio without jumping into the still-developing pot sector with both feet.

ELLON, Scotland and LONDON, Oct. 21, 2026 (GLOBE NEWSWIRE) -- BrewDog, a leader in U.K. craft beer and one of the world’s most recognised beer brands, owned by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), and West Ham United Football Club today unveiled Boleyn Brew, a first-of-its-kind fan-created beer built with West Ham supporters and brewed for matchday. From flavour and style to storytelling, branding and name, Hammers helped shape every part of the beer. Boleyn Brew makes its debut at London Stadium this Saturday when West Ham United take on Southampton, with limited-edition cans available to buy online from today.

Created by Hammers, for Hammers, Boleyn Brew brings together BrewDog’s brewing expertise with the pride, loyalty and unmistakable character of the Claret and Blue faithful. As West Ham United’s Official Beer Partner, BrewDog invited a diverse group of supporters into the process from the beginning, asking them what a true West Ham beer should taste like, look like and stand for. After fan consultations produced a shortlist of names, supporters voted for Boleyn Brew — a proud nod to the Boleyn Ground and the memories, matchdays and moments that continue to unite generations of supporters.

Supporters came back again and again to three ideas: history, heritage and unpretentious character. The result is a 4.5% Oat Lager with tropical fruit and citrus notes on a smooth, bready lager base — easy-drinking, full of character and made for the rituals that surround the game: meeting mates before kick-off, raising a pint on the concourse, watching from home or celebrating with the West Ham family. The can design features the iconic Boleyn Gates, connecting every pour back to the ground where so many supporters’ memories were made.

Stuart Harrison, Chief Sales Officer, BrewDog, said: "At BrewDog, we believe the best beers are built with the people who drink them. Boleyn Brew is exactly that: a beer shaped by West Ham fans from the first tasting conversation to the name on the can. It captures what makes this club special — heritage, passion, loyalty and a brilliant matchday atmosphere — and it is the kind of fan-first partnership we are proud to bring to life. We cannot wait to pour the first pints at London Stadium this weekend."

Club legend Carlton Cole joined supporters throughout the consultation process, helping lead the conversation, taste the beer and bring the spirit of West Ham into the room. Cole was also the face of Claret & Brew, BrewDog and West Ham United’s first club-branded beer, which launched in November 2025 and sold out within hours.

Club legend Carlton Cole said: "After being part of Claret & Brew last season, I loved seeing the fans take this one even further and make a beer they can truly call their own. Boleyn Brew has the heart, loyalty and character of West Ham all over it. It is made by Hammers, for Hammers, and I cannot wait to raise a pint of our beer at London Stadium this weekend!"

West Ham United supporter Simon Fell, who was involved from the start of the process, said: "West Ham gets under your skin. It is the football, the people, the memories, the laughs, the tough days, the brilliant days and everything that comes with being a Hammer. From the start, it felt like supporters were genuinely part of creating something that belongs to us. Boleyn Brew feels properly West Ham: light, easy drinking, full of character and rooted in our history through the Boleyn Gates on the can. It is a beer for West Ham people, and I am proud to have played a small part in it. Our club, our memories, our beer. COYI!"

Fellow Hammer Elaine Hopkinson added: "A pint on matchday is part of the ritual — meeting family, friends and fellow fans, talking about the team and feeling that build-up before kick-off. To help create a beer made for West Ham fans by West Ham fans with BrewDog made it even more special. Boleyn Brew is a brilliant name: direct, proud and rooted in our heritage. The can design captures those iconic elements of the old ground perfectly."

David Chaplin, Director of Commercial Strategy, West Ham United, commented: "BrewDog has put our supporters at the heart of this partnership, and Boleyn Brew is a brilliant example of what that can create. The engagement, energy and passion from our fans has been fantastic to see, and the final beer is something the West Ham family can be proud of. We are excited to launch it at London Stadium and continue working with BrewDog on experiences, activations and products that bring supporters closer to the club on matchdays and throughout the season."

Boleyn Brew is the latest fan-first moment from BrewDog and West Ham United, building on a partnership designed to show up for supporters on and beyond matchday. The partnership launched in summer 2025, when BrewDog gifted full kits to grassroots teams across east London and Essex. Claret & Brew followed that November, alongside supporter benefits including free pints and discounts across BrewDog’s lineup. The partnership also forms part of BrewDog’s growing presence across the U.K.’s biggest sporting and live event venues, with BrewDog serving as exclusive beer partner of London Stadium and recently announcing a five-year partnership with Leicester Tigers.

Supporters can be among the first to try Boleyn Brew at the BrewDog container bar near Bridge 2 and at the BrewDog Deck at London Stadium from Saturday’s match against Southampton.

Limited-edition cans of Boleyn Brew are available now at www.brewdog.com while stock lasts.

About BrewDog  
BrewDog has always had one mission: making people as passionate about great beer as we are. From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007. Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognizable craft beer brands, with a global presence spanning breweries, bars and distribution across multiple international markets. BrewDog’s future will continue to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.  

About Tilray Brands 
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.

For more information on how we are elevating lives through moments of connection, visit

Tilray.com and follow @Tilray on all social platforms. 

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.  

Tilray Brands Contacts:
Media 
[email protected]

Investor Relations 
[email protected]

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/37ac36c6-fcf8-4122-a015-d3ae9cb5b270
https://www.globenewswire.com/NewsRoom/AttachmentNg/7fa17fb0-1734-402d-ba14-62744eac0f88 

The cannabis market continues to evolve as companies shift from pure-play cultivation to global consumer brands. Deciding between Canopy Growth (CGC +2.91%) and Tilray Brands (TLRY +2.23%) requires weighing different paths to profitability.

Canopy Growth prioritizes a refined cannabis strategy with a focus on Canadian adult-use markets and German medical sales. Tilray Brands has diversified into the craft beverage and wellness sectors to reduce reliance on volatile cannabis prices. Both companies are navigating complex regulatory landscapes while attempting to shore up their balance sheets for long-term growth.

The case for Canopy GrowthIn its latest annual report, filed for the fiscal year ended March 31, 2026, Canopy Growth detailed its strategy to produce cannabis-based products with a focus on quality. The company derives a significant portion of its revenue from supply contracts with all 12 Canadian provinces and territories. Customer concentration like this adds a layer of risk to the business, as these contracts lack binding minimum purchase obligations. The company is also making a push into the pharmaceutical stocks category through medical distributions in Europe.

In FY 2026, revenue reached nearly $199.5 million, representing a 5.8% increase compared to the prior year. Despite this growth, the company reported a net loss of approximately $184.3 million. This resulted in a negative operating margin of 92.4%, indicating the company is losing significant money on its sales. While still deep in the red, this net loss was an improvement over the $419.3 million loss reported in the prior fiscal year.

As of its March 2026 balance sheet, the debt-to-equity ratio is roughly 0.4x. This ratio measures total debt relative to shareholder equity, indicating a relatively low reliance on borrowed funds. The current ratio, which compares short-term assets to short-term liabilities, is about 3.3x. Free cash flow for FY 2026 was nearly negative $48.9 million, representing the cash remaining after a business pays for its operations and equipment.

The case for Tilray BrandsTilray Brands operates as a global lifestyle consumer products company. It maintains a large distribution segment supplying pharmaceutical products to pharmacies in Germany and over 900 beverage wholesalers in the U.S. Like its peer, Tilray relies on contracts with Canadian provinces for cannabis sales, which carry no minimum volume guarantees. This diversification helps buffer the company against localized price swings in the marijuana industry.

In FY 2026, Tilray reported revenue of close to $915.5 million, which was a decrease of approximately 18.8% from the previous year. The company recorded a net loss of roughly $122.6 million for the period. Its net margin was approximately negative 13.4%, a much narrower loss than the negative 266.3% net margin seen in FY 2025. This suggests the company is moving closer to breaking even than in previous years.

As of its May 2026 balance sheet, Tilray has a debt-to-equity ratio of approximately 0.2x. The current ratio is nearly 2.2x, showing the company has over twice as many short-term assets as it has immediate debts. Free cash flow for FY 2026 was close to negative $102.1 million. This figure indicates the company is still consuming cash to maintain and grow its global operations across its cannabis and beverage segments.

Risk profile comparisonCanopy Growth faces material risks including a recently identified material weakness in its internal financial controls. This led to a restatement of prior financial data and could harm investor trust in its reporting. The company also deals with regulatory uncertainty regarding its Canopy USA expansion and potential delisting threats. Its history of net losses since 2019 raises doubts about its ability to continue operating if cost-cutting does not succeed in a saturated Canadian market.

Tilray Brands must navigate high regulatory hurdles and licensing requirements across dozens of international jurisdictions. It faces intense competition from rivals like TerrAscend (TSNDF +6.82%) and the illicit market, which can squeeze operating margins. The company relies heavily on an acquisition-based strategy, including brands like BrewDog, which can lead to integration challenges. Fluctuating foreign currency rates and a reliance on third-party distributors further complicate its financial performance.

Valuation comparisonTilray appears cheaper on a sales basis with a much lower P/S ratio, which measures a company's market value relative to its sales over the past twelve months.

MetricCanopy GrowthTilray BrandsForward P/EN/AN/AP/S ratio1.5x0.4xValuation metrics include sourcing from Financial Modeling Prep (FMP) and may differ from other data providers.

Neither of these is an easy pick right now, and anyone considering either stock should understand that the cannabis industry is still working through a difficult period. U.S. federal legalization keeps getting delayed, pricing pressure is intense in mature markets, and most cannabis companies are still burning cash years after their initial promise.

That said, if I had to choose, I'd go with Tilray. In Q1 fiscal 2027, it posted record revenue of $257 million, up 23% year over year, with gross profit growing even faster. Its acquisition of BrewDog turned profitable in the quarter and is now self-financing, a meaningful sign that Tilray's diversification into beverages is working.

Canopy Growth is making progress, too. In Q1 fiscal 2027, revenue grew 13% across every business segment, margins improved, and losses narrowed significantly. Management expects to reach positive adjusted EBITDA by year-end.

For long-term investors, the question is not just whether these companies reach profitability, but whether the cannabis market itself stabilizes enough to reward the patience required to hold either stock. Right now, Tilray's larger scale, diversified revenue across cannabis, beverages, and international markets, and a clearer path to profitability make it the more comfortable of two difficult choices.

CANTANHEDE, Portugal, Oct. 13, 2026 (GLOBE NEWSWIRE) -- Tilray Medical, a global leader in medical cannabis research, cultivation, production, products and distribution and a division of Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), today announced a key regulatory milestone in Europe: INFARMED, Portugal’s National Authority of Medicines and Health Products, has approved the quality control laboratory at Tilray Medical’s EU-GMP-certified facility in Cantanhede, Portugal, to conduct microbiological and chemical/physical testing in-house. The approval gives Tilray Medical greater command over critical quality testing, accelerates product release capabilities, and strengthens its Portugal facility as a strategic launchpad for pharmaceutical-grade medical cannabis supply across regulated international markets.

With this authorization, Tilray Medical further differentiates its European production platform by embedding advanced testing capabilities directly within its EU-GMP infrastructure. The approval reinforces Cantanhede as a strategic center for cultivation, production, testing, and international supply, and comes as demand for trusted, pharmaceutical-grade medical cannabis continues to grow across regulated markets.

Rajnish Ohri, President, International, Tilray Brands, stated: “As regulated medical cannabis markets continue to mature, the companies best positioned to lead will be those that combine pharmaceutical-grade quality, regulatory discipline, and reliable global supply at scale. Tilray has built one of the world’s leading EU-GMP-certified medical cannabis operations, and this approval further strengthens our platform in Portugal by bringing advanced quality testing closer to cultivation and production. It gives us greater speed, control, and flexibility across our international supply chain while reinforcing the infrastructure and technical expertise required to serve patients, physicians, pharmacies, and commercial partners with trusted medical cannabis products in high-standard markets around the world.”

For Tilray Medical, bringing critical quality testing in-house creates an important operational advantage in the fast-evolving global medical cannabis market. By reducing reliance on third-party testing for flower lots, the Company can lower batch-release costs, shorten testing timelines, and move product more efficiently from harvest to release and sale. These capabilities strengthen Tilray Medical’s ability to manage supply across key international markets, including Germany, the United Kingdom, Poland, Italy, and other regulated medical cannabis markets, while supporting more reliable access for patients and commercial partners.

This milestone builds on Tilray Medical’s broader international momentum, including increased output at its EU-GMP-certified Portugal facility and the expansion of Tilray Medical-branded cannabis medicines in the United Kingdom through Lyphe Clinic and Lyphe Dispensary. Together, these initiatives strengthen Tilray Medical’s position as a trusted global medical cannabis supplier with the infrastructure, regulatory expertise, and commercial reach to compete in high-standard pharmaceutical markets.

About Tilray Medical
Tilray Medical is dedicated to transforming lives and fostering dignity for patients in need through safe and reliable access to a global portfolio of medical cannabis brands, including Tilray Medical, Good Supply, Redecan, ARX, and Broken Coast. Tilray grew from being one of the first companies to become an approved licensed producer of medical cannabis in Canada to building the first GMP-certified cannabis production facilities in Europe, first in Portugal and later in Germany. Today, Tilray Medical is a global leader in medical cannabis, having served patients in more than 20 countries across five continents.

For more information on Tilray Medical, visit Tilray Medical Europe, Tilray Medical Canada, Tilray Medical Australia-New Zealand and Solana.pa in Panama.

About Tilray Brands 

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements

Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements in this communication include statements regarding the expected benefits of the INFARMED approval, including reduced batch-release costs, shortened testing timelines, accelerated product release supply to international markets, and our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information, please contact:

Media: [email protected]  

Investors: [email protected]  

SummaryTilray reported disappointing fiscal Q1 results, missing revenue estimates despite management highlighting record sales.TLRY's revenue growth was driven solely by the BrewDog acquisition; core cannabis sales declined 13%, and the adjusted bottom line swung to a loss.Cash burn surged to $23.4 million, and share dilution remains severe, with shares outstanding up over 31% year-over-year. SanyaSM/E+ via Getty Images

Last week, we received fiscal first-quarter results from Tilray (TLRY) for its August-ending period. The Canadian beverage and cannabis firm has been one of the most disappointing names in the market over time, with shares

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Investors are always reminded that before making any investment, you should do your own proper due diligence on any name directly or indirectly mentioned in this article. Investors should also consider seeking advice from a broker or financial adviser before making any investment decisions. Any material in this article should be considered general information, and not relied on as a formal investment recommendation.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

The cannabis industry remains a volatile frontier for investors seeking long-term growth. As the market matures, deciding between Canopy Growth (CGC -2.33%) and Tilray Brands (TLRY -1.39%) requires a careful look at their diverging paths.

Canopy Growth is doubling down on a lean, brand-focused model with a heavy emphasis on its future U.S. presence. Tilray Brands has transformed into a diversified consumer goods giant, leaning on its beverage and wellness segments. Both companies aim to lead the global market, but their strategies and financial health differ significantly.

The case for Canopy GrowthCanopy Growth produces and sells cannabis-based products with a focus on high-quality medical and adult-use segments. In its latest annual report, filed for the period ending March 31, 2026, the company detailed its focus on international markets like Germany and its U.S. expansion strategy through Canopy USA. Canopy Growth maintains supply agreements with all Canadian provinces, and such customer concentration adds a layer of risk to the business.

In FY 2026, revenue reached approximately $203.2 million, representing a growth rate of nearly 5.8% compared to the previous year. Despite this growth, the company reported a net loss of close to $187.7 million for the period, resulting in a negative net margin of roughly 92.4%. The company continues to navigate a challenging landscape among pharmaceutical stocks and cannabis producers.

As of its March 2026 balance sheet, the debt-to-equity ratio is approximately 0.4x, which compares total debt to shareholder equity and suggests a relatively manageable level of leverage. The current ratio, measuring the ability to cover short-term debts with short-term assets, is roughly 3.3x. For the fiscal year, free cash flow was nearly negative $49.8 million, representing cash from operations minus capital expenditures.

The case for Tilray BrandsTilray Brands operates as a global consumer products company with a diverse portfolio spanning cannabis, wellness, and craft beverages. In its latest annual report, which covers FY 2026, the company highlighted its distribution network including partners like Southern Glazer's for its spirits business. This multi-pronged approach allows the company to reach a broad range of customers beyond traditional cannabis users in more than 20 countries.

In FY 2026, revenue reached approximately $915.5 million, which was an increase of about 11% year over year. The company reported a net loss of $105.2 million for the fiscal year, translating to a net margin of roughly negative 11.5%. Management has focused on diversifying into the craft beer industry to help stabilize its overall top line and reduce dependence on cannabis.

As of its May 2026 balance sheet, Tilray Brands has a debt-to-equity ratio of approximately 0.2x, indicating that its total debt is low relative to its shareholder equity. The current ratio is roughly 2.2x, suggesting the company has enough liquid assets to meet its immediate financial obligations. During FY 2026, free cash flow was approximately negative $98.6 million which is cash flow from operations minus capital expenditures.

Risk profile comparisonCanopy Growth faces several critical risks, including the recent restatement of prior financial statements and the identification of a material weakness in internal controls. The company also deals with significant regulatory uncertainty regarding U.S. federal cannabis laws and ongoing investigations into its BioSteel business. Furthermore, its expansion strategy relies on Canopy USA, where the potential failure of assets like Acreage could materially harm its financial results.

Tilray Brands must manage the complexities of operating in highly regulated markets across multiple continents. The company has grown rapidly through acquisitions like BrewDog and Lyphe Group, which carries the risk of integration challenges or future asset impairments. It also faces competition from licensed producers like TerrAscend (TSNDF +1.31%) and deals with various pending class action lawsuits that could lead to significant financial liabilities.

Valuation comparisonTilray Brands currently offers a lower P/S ratio and a more favorable Forward P/E based on future earnings estimates compared to Canopy Growth.

MetricCanopy GrowthTilray BrandsForward P/EN/AN/AP/S ratio1.9x0.5xValuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

The cannabis sector of the stock market can be a risky place to invest, even among the top names in the industry, like Tilray and Canopy Growth. The two largest publicly traded cannabis companies in Canada have taken different approaches, with Tilray pivoting to acquire a massive U.S. craft beverage footprint while Canopy focuses on a more streamlined medical and adult-use marijuana business.

Tilray released fiscal first-quarter earnings results on Oct. 8 that featured revenue growth in its beer and distribution segment but heavy losses in its core cannabis unit. The stock sank on the news, but some risk-tolerant investors may find it to be an attractive entry point. Certainly, Tilray's diversification into craft beverages has helped it offset the higher-risk cannabis trade, especially as U.S. federal legalization remains out of reach. But that also adds business complexity, acquisition cost, and fuel expenses related to distribution on a scale that Canopy, as a more pure play on cannabis, doesn't have to contend with.

Investors who appreciate the wider portfolio may favor Tilray here, while those who are focused on the potential of the cannabis trade may prefer to dig into Canopy's financial prospects. Just be aware of the risks associated with investing in this market segment and allocate your positions appropriately.

Tilray Brands Today

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As of 12:36 PM Eastern

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When investors hear talk of U.S. cannabis reform, they often look at major Canadian operators. Tilray Brands NASDAQ: TLRY frequently finds itself at the center of this conversation. As rumors of Schedule III reclassification circulate, the market tends to price Tilray Brands based on the political winds in Washington. A closer look at the actual revenue engine tells a completely different story.

Right now, Tilray Brands generates no reported U.S. cannabis revenue. Its domestic footprint is built primarily around craft beer, spirits, hospitality, and hemp-based products. Treating the company as a pure-play bet on federal rescheduling ignores the physical operations currently driving Tilray's balance sheet.

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The real test for Tilray relies on its ability to scale international medical cannabis and consolidate the beverage alcohol sector. The data, released with the company's first-quarter fiscal 2027 earnings, reveal an enterprise actively prioritizing structural efficiency over speculative domestic catalysts.

Brewing Up Profits Without CongressTilray Brands' operations in the United States function far outside the dispensary model. The domestic strategy relies heavily on scaling craft beer, spirits, and hemp-based wellness products through its Manitoba Harvest brand. While the broader market waits for the Drug Enforcement Administration to finalize its stance on medical marijuana, Tilray Brands is executing a calculated roll-up of the beverage alcohol space.

First-quarter results highlight the pivot's effectiveness. Beverage revenue rose roughly 82% year over year to about $101.5 million, nearly doubling the global cannabis segment's output. The recent integration of BrewDog drove much of this growth.

Management acquired the brand, stabilized its operations, and restructured parts of the business. This aggressive restructuring helped the asset become profitable in its first quarter under Tilray Brands. The brand now self-finances, shielding Tilray Brands from the typical cash drag of large-scale integrations.

This focus on capital efficiency pushed overall beverage gross margins to around 41%, up from about 38% a year earlier. The operational scale continues to grow, anchored by an exclusive multi-year agreement to produce and distribute Carlsberg brands across the U.S. starting in January 2027.

By leveraging its existing brewing infrastructure to support globally recognized labels, Tilray Brands expects immediate revenue contributions and higher manufacturing utilization. Tilray Brands is building a self-sustaining domestic revenue base that does not require federal cannabis reform to thrive.

Harvesting High-Margin European GrowthThe international medical market represents the primary growth engine for the cannabis portfolio. The recent quarter saw Europe, the Middle East, and Africa revenue climb about 71%, while international cannabis revenue rose about 21% year over year. Operations in Germany and the United Kingdom are expanding, backed by a highly optimized supply chain and direct-to-patient access networks.

The Portuguese cultivation facility anchors this European presence. Management reported an approximately 110% year-over-year increase in EU-GMP certified flower shipments and a 150% jump in oil volumes. By reducing cultivation costs at the Cantanhede site by nearly 40% and improving strain yields, Tilray Brands is strengthening its distinct low-cost production advantage in high-barrier medical markets.

In contrast, domestic Canadian adult-use revenue contracted slightly. Rather than chasing unprofitable market share in an oversaturated environment burdened by heavy excise taxes, management deliberately redirected roughly one metric ton of inventory away from Canadian recreational channels.

Management sent this supply to higher-margin international medical markets. Prioritizing margin over pure volume is a difficult but necessary discipline in legacy markets. This strategic allocation of supply, paired with a transition to higher-yielding cultivars, directly influenced profitability. Total cannabis gross margins expanded 300 basis points to approximately 39%, helping offset about $8.8 million in international price compression.

Liquid Assets in a Drying SectorThe global cannabis industry is entering a period of forced consolidation. Capital constraints and punitive tax structures are pushing operators to merge or acquire distressed assets at steep discounts. The hostile $5-per-share bid from Curaleaf Holdings OTC: CURLF for Aurora Cannabis NASDAQ: ACB clearly signals the prevailing environment. Multi-state operators are actively looking to expand their international infrastructure to prepare for potential 280E tax relief under Schedule III.

In this climate, liquidity and balance sheet stabilization provide a distinct competitive edge. Tilray Brands ended the first quarter holding approximately $221 million in cash and marketable securities. Over the calendar year, Tilray Brands retired roughly $42 million in outstanding debt, deliberately reducing its net cash interest expense. These moves provide the flexibility needed to navigate macroeconomic headwinds, such as elevated global fuel surcharges and supply chain inflation, while limiting the need to rely on additional equity financing.

The underlying business fundamentals remain intact. Management reaffirmed its full-year adjusted EBITDA target of approximately $68 million to $75 million, pointing to expected improvements in cultivation yields and sustained cost controls as the fiscal year progresses.

A High-Conviction Recipe for InvestorsTilray Brands Stock Forecast Today12-Month Stock Price Forecast:
$6.38
77.58% Upside

Hold
Based on 8 Analyst Ratings

Current Price$3.59High Forecast$10.00Average Forecast$6.38Low Forecast$4.50Tilray Brands Stock Forecast Details

As the year unfolds, the market will likely continue to react to political developments around cannabis reform. For investors evaluating the cannabis sector, separating operational execution from regulatory speculation is a useful exercise. Tilray Brands' ability to expand consolidated gross margins to about 30% and deliver immediate profitability in newly acquired segments indicates a maturing operational model.

The current trading price of around $3.50 reflects widespread skepticism and heavy short positioning among institutional traders. Yet, the internal metrics suggest a foundation built on global beverage distribution and international medical supply.

By focusing on variables it can control, reducing unit costs, integrating acquisitions efficiently, and optimizing inventory allocation, Tilray Brands has created a path forward that is not dependent on broader U.S. marijuana rescheduling.

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Tilray Brands, Inc. (TLRY) Q1 2027 Earnings Call October 8, 2026 8:30 AM EDT

Company Participants

Berrin Noorata - Chief Corporate Affairs Officer
Irwin Simon - President, CEO & Chairman
Carl Merton - CFO & Principal Accounting Officer

Conference Call Participants

Aaron Grey - Alliance Global Partners, Research Division
William Kirk - ROTH Capital Partners, LLC, Research Division
Pablo Zuanic - Zuanic & Associates
Brenna Cunnington - ATB Cormark Capital Markets Inc., Research Division
Ryan Neal - TD Cowen, Research Division

Presentation

Operator

Thank you for joining today's conference call to discuss Tilray Brands' Financial Results for the First Quarter 2027, ended August 31, 2026. [Operator Instructions]

I'll now turn the call over to Ms. Berrin Noorata, Tilray Brands' Chief Corporate Affairs Officer. Thank you. You may now begin.

Berrin Noorata
Chief Corporate Affairs Officer

Thank you, operator, and good morning, everyone. By now, you should have access to the earnings press release, which is available on the Investors section of the Tilray Brands' website at tilray.com and has been filed with the SEC and OSC.

Please note that during today's call, we will be referring to various non-GAAP financial measures that can provide useful information for investors. However, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. The earnings press release contains a reconciliation of each non-GAAP financial measure to the most comparable measure prepared in accordance with GAAP.

In addition, we will be making numerous forward-looking statements during our remarks and in response to your questions. These statements are based on our current expectations and beliefs and involve known and unknown risks and uncertainties, which may prove to be incorrect. Actual results could differ materially from those described in those forward-looking statements. The text in our earnings press release includes

Tilray Brands Inc. (NASDAQ:TLRY) reported a first-quarter 2027 adjusted loss of 2 cents per share on Thursday, beating the consensus loss of 20 cents.

Sales rose 23% year over year to $257.147 million, missing Wall Street’s estimate of $267.813 million.

Gross profit increased 35% year-over-year to $77.5 million, while gross margin expanded to 30% from 27%.

Cannabis net revenue fell to $56.1 million compared to $64.5 million a year ago. Beverage net revenue rose 82% year over year to $101.5 million, reflecting the acquisition of BrewDog.

Distribution net revenue increased 14% to $84.3 million, while Wellness net revenue was $15.3 million.

Fuel Surcharge Impacts EBITDAAdjusted EBITDA was $9.2 million in the first quarter, down from $10.2 million, weighed down by approximately $1.7 million in global fuel surcharges this quarter.

Irwin Simon, Chairman and CEO of Tilray Brands, stated: "Tilray’s record first-quarter revenue and gross profit demonstrate the power of the diversified platform we have built and the momentum we are creating across cannabis, beverage, hospitality, wellness and pharmaceutical distribution.”

“We are no longer dependent on a single market or regulatory catalyst. We have multiple engines of growth, a scaled international footprint and the ability to convert scale into stronger margins, greater efficiency and sustainable, profitable growth," Simon further commented.

Fiscal Year 2027 Guidance and Seasonality ExpectationsFor fiscal year 2027, the company reaffirms its expectation of adjusted EBITDA of $68 million to $75 million, representing double-digit growth versus fiscal year 2026.

Historically, due to the business’s seasonality, financial results are typically weighted more toward the second half of the fiscal year, with results strengthening significantly in the fourth quarter.

TLRY Price Action: Tilray Brands shares fell 2.01% to $3.64 in premarket trading on Thursday. The stock is trading near its 52-week low of $3.54, according to Benzinga Pro data.

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First-Quarter Results Reinforce Tilray’s Progress Converting Global Scale, Disciplined Execution and Category Leadership into Higher Revenue, Expanded Gross Profit and Continued Momentum

Record First-Quarter Net Revenue of $257 Million, Up 23% Year-Over-Year, with Gross Margin Expanding by ~300 bps to 30%

International Business Accelerates as EMEA Revenue Increases 71%, Growth Led by Medical Cannabis, Beverage and Pharmaceutical Distribution

Tilray’s Global Beverage Business Delivers $101 Million in Revenue, Expands Gross Margin to 41% and BrewDog Achieves Profitability in Q1

Reduced Outstanding Debt by $42 Million Fiscal Year-to-Date and Ended the Q1 with a Net Cash1 Position, Strengthening Financial Flexibility and the Balance Sheet

Tilray Reaffirms Fiscal 2027 Adjusted EBITDA3 Guidance of $68 Million to $75 Million

NEW YORK and LONDON and LEAMINGTON, Ontario, Oct. 08, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray”, “our”, “we” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company with leading positions across cannabis, beverage, hospitality and wellness, today reported financial results for its first fiscal quarter ended August 31, 2026. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.

Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands, stated: “Tilray’s record first-quarter revenue and gross profit demonstrate the power of the diversified platform we have built and the momentum we are creating across cannabis, beverage, hospitality, wellness and pharmaceutical distribution. We are no longer dependent on a single market or regulatory catalyst. We have multiple engines of growth, a scaled international footprint and the ability to convert scale into stronger margins, greater efficiency and sustainable, profitable growth.”

Mr. Simon continued, “Our global platform is translating into leadership positions across our core categories. In cannabis, Tilray is a leading cannabis producer, with more than 6 million square feet of cultivation capacity across Canada, Portugal and Germany, and a leading low-cost production base in the world’s largest legally regulated markets, supported by one of the largest EU-GMP certified footprints in the world. In beer, the world’s largest consumed alcoholic beverage category, we are the #4 craft brewer in the U.S. and #1 in the U.K., and we are very proud that Carlsberg has partnered with Tilray to begin producing and selling its iconic brands in the U.S. market starting January 1, 2027. Across beverage and wellness, we are accelerating innovation and staying closer to consumers. These leadership positions reflect the work we have done to integrate our businesses, sharpen operations and build a more focused, profitable company. Tilray is building a category-defining global platform for the next generation of wellness, healthcare and consumer products, with the brands, infrastructure and scale to lead as these markets evolve.”

The quarter’s performance reflects Tilray’s focus on building durable growth across multiple categories, strengthening profitability and maintaining a disciplined balance sheet while investing behind the long-term opportunities we believe will define the future of cannabis, beverage, wellness and healthcare.

Financial Highlights
All comparisons made to the prior year period

Net revenue increased 23% year-over-year to $257.1 million in the first quarter, compared to $209.5 million.Gross profit increased 35% year-over-year to $77.5 million in the first quarter, compared to $57.5 million, while gross margin expanded to 30% from 27%.Cannabis net revenue was $56.1 million in the first quarter compared to $64.5 million. Cannabis gross profit was $22.0 million in the first quarter compared to $23.3 million.Cannabis gross margin expanded to 39% in the first quarter compared to 36%. Beverage net revenue increased 82% year-over-year to $101.5 million in the first quarter, compared to $55.7 million, reflecting the acquisition of BrewDog. Beverage gross profit increased to $42.0 million in the first quarter compared to $21.3 million.Beverage gross margin expanded to 41% in the first quarter compared to 38%. Distribution net revenue increased 14% to $84.3 million in the first quarter compared to $74.0 million. Distribution gross profit increased $9.1 million in the first quarter compared to $8.0 million.Distribution gross margin was 11% in the first quarter and was unchanged. Wellness net revenue was $15.3 million, consistent with the previous year period. Wellness gross profit was $4.4 million in the first quarter compared to $4.9 million.Wellness gross margin was 29% in the first quarter compared to 32%. Driven predominantly by non-cash charges, net loss was $40.0 million in the first quarter and net loss per share was $0.32. Adjusted net loss2  was $3.0 million in the first quarter and adjusted net loss per share or adjusted EPS2 was $0.02.Adjusted EBITDA3 was $9.2 million in the first quarter compared to $10.2 million; burdened by approximately $1.7 million of global fuel surcharges in this quarter. Balance Sheet Update: Tilray’s balance sheet remains strong, supported by cash, restricted cash and marketable securities4 of $221.4 million at the end of the first quarter. This position gives the Company financial flexibility to invest behind strategic growth opportunities, support integration priorities and maintain disciplined capital allocation. Fiscal year to date, Tilray also reduced total outstanding debt by $42 million.

Fiscal Year 2027 Guidance
For its fiscal year ending May 31, 2027, the Company reaffirms its expectation to achieve adjusted EBITDA3 of $68 million to $75 million, representing double-digit growth as compared to fiscal year 2026. Historically, due to the seasonality of our business, financial results are typically more weighted toward the second half of the fiscal year, with results strengthening significantly in the fourth quarter.

Management’s guidance for adjusted EBITDA3 is provided on a non-GAAP basis and excludes stock-based compensation; change in fair value of contingent consideration; purchase price accounting step-up; impairments of intangible assets and goodwill; other than temporary change in fair value of convertible notes receivable; litigation costs; integration and restructuring costs; transaction-related costs; and other non-operating income (expenses) and non-recurring items that may be incurred during the Company’s fiscal year 2027, which the Company will continue to identify as it reports its future financial results.

The Company cannot reconcile its expected adjusted EBITDA3 to net income under “Fiscal Year 2027 Guidance” without unreasonable effort because certain items that impact net income and other reconciling metrics are out of the Company’s control and/or cannot be reasonably predicted at this time.

____________________________________________________________________________________________________

(1) Net (debt) cash is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
(2) Adjusted net income (loss) and adjusted net income (loss) per share/Adjusted EPS are a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
(3) Adjusted EBITDA is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.
(4) Cash, restricted cash and Marketable Securities is a non-GAAP financial measure. See “Use of Non-GAAP Measures” below for additional discussion regarding these non-GAAP measures and for a reconciliation of such Non-GAAP Measures to our most comparable GAAP measure.

Live Audio Webcast
Tilray Brands will host a webcast to discuss these results today at 8:30 AM Eastern Time. Investors may access the live webcast through the Events and Presentations section of Tilray’s Investor Relations website, where a replay will also be available and archived.

About Tilray Brands
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “position,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication.

Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become a leading lifestyle consumer packaged goods company; the Company’s ability to become a leading beverage alcohol Company; the Company’s ability to achieve long term profitability; the Company’s ability to achieve operational scale, market share, distribution, profitability and revenue growth in particular business lines and markets; the Company’s ability to successfully achieve revenue growth, margin and profitability improvements, production and supply chain efficiencies, synergies and cost savings; the Company’s ability to achieve fiscal year 2027 financial guidance, including expected Adjusted EBITDA3 of $68 to $75 million and synergy optimizations; the Company’s expected revenue growth, sales volume, profitability, synergies and accretion related to any of its acquisitions; expected opportunities in the U.S., including upon U.S. federal cannabis legalization or rescheduling and the Company’s ability to leverage its platform in connection therewith; the Company’s ability to successfully leverage artificial intelligence strategies; the Company’s anticipated investments and acquisitions, including in organic and strategic growth, partnership efforts, product offerings and other initiatives; and the Company’s ability to commercialize new and innovative products.

Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of the Company and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of the Company made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Use of Non-U.S. GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures, including Adjusted EBITDA3, Adjusted cash operating income (loss), Adjusted net income (loss), Adjusted net income (loss) per share and or (“Adjusted EPS”), free cash flow, adjusted free cash flow, constant currency presentations of revenue, cash, restricted cash and marketable securities, and net (debt) cash. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company's operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures, nor should adjusted net income (loss) per share be used as a measure of liquidity. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company's Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP.

Certain forward-looking non-GAAP financial measures included in this press release are not reconciled to the comparable forward-looking GAAP financial measures. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected to impact GAAP measures but would not impact the non-GAAP measures. Such items may include litigation and related expenses, transaction costs, impairments of intangible assets and goodwill, foreign exchange movements and other items. The unavailable information could have a significant impact on the Company's GAAP financial results.

The Company believes presenting net sales at constant currency provides useful information to investors because it provides transparency to underlying performance in the Company's consolidated net sales by excluding the effect that foreign currency exchange rate fluctuations have on period-to-period comparability given the volatility in foreign currency exchange markets. To present this information for historical periods, current period net sales for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average monthly exchange rates in effect during the corresponding period of the prior fiscal year, rather than at the actual average monthly exchange rate in effect during the current period of the current fiscal year. As a result, the foreign currency impact is equal to the current year results in local currencies multiplied by the change in average foreign currency exchange rate between the current fiscal period and the corresponding period of the prior fiscal year. A reconciliation of prior year revenue to constant currency revenue, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release.

Adjusted EBITDA3 is calculated as net income (loss) before income tax expense (recovery), net; interest expense, net; non-operating income (expense), net; amortization; stock-based compensation; change in fair value of contingent consideration; project 420 optimization costs; litigation costs; restructuring costs, and transaction costs, net. A reconciliation of Adjusted EBITDA3 to net income (loss), the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.

Adjusted cash operating income (loss) is calculated as operating loss, less; amortization; stock-based compensation; and change in fair value of contingent consideration. A reconciliation of adjusted cash operating income (loss) to operating loss, the most directly comparable GAAP measure, has been included below in this press release. Adjusted cash operating income (loss) is not calculated in accordance with GAAP and should not be considered an alternative for GAAP operating income or as a measure of liquidity.

Adjusted net income (loss) is calculated as net loss attributable to stockholders of Tilray Brands, Inc., less; non-operating income (expense), net; amortization; deferred income tax expense (benefits), net; stock-based compensation; Accretion of convertible debt discount; change in fair value of contingent consideration; project 420 optimization costs; litigation costs; restructuring costs and transaction costs, net. A reconciliation of Adjusted net income (loss) to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release.

Adjusted net income (loss) per share (and or adjusted EPS) is calculated as adjusted net income (loss) divided by weighted average number of common shares outstanding. A reconciliation of Adjusted net income (loss) per share to net loss attributable to stockholders of Tilray Brands, Inc., the most directly comparable GAAP measure, has been included below in this press release. Adjusted net income (loss) per share is not calculated in accordance with GAAP and should not be considered an alternative for GAAP net income (loss) per share or as a measure of liquidity.

Free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release. Adjusted free cash flow is comprised of two GAAP measures which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets, net, and the exclusion of growth CAPEX from investments in capital and intangible assets, net, which excludes the amount of capital expenditures that are considered to be associated with growth of future operations rather than to maintain the existing operations of the Company, and excludes cash paid for litigation settlements. A reconciliation of net cash flow provided by (used in) operating activities to adjusted free cash flow, the most directly comparable GAAP measure, has been provided in the financial statement tables included above in this press release.

Cash, restricted cash and marketable securities are comprised of three GAAP measures, cash and cash equivalents and restricted cash added to marketable securities. The Company’s management believes that this presentation provides useful information to management, analysts and investors regarding certain additional financial and business trends relating to its short-term liquidity position by combining these three GAAP metrics.

Net (debt) cash is comprised of GAAP measures and reduces bank indebtedness, current and non-current portions of long-term debt, the principal balance of convertible debt by cash and cash equivalents and marketable securities. The Company believes this metric provides useful information to management, analysts, and investors regarding its liquidity and the Company’s ability to repay all of its debt.

Contacts:
Investor Relations
[email protected]
[email protected]

Media
[email protected]

The accompanying excerpts of the interim condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. GAAP. 

Consolidated Statements of Financial Position    August 31, May 31,(in thousands of US dollars)2026
 2026
Assets   Current assets   Cash and cash equivalents$214,960  $225,977 Restricted cash 3,383   3,365 Marketable securities 3,047   5,289 Accounts receivable, net 190,617   189,170 Inventory 328,973   301,192 Prepaids and other current assets 64,160   64,692 Assets held for sale 2,449   2,449 Total current assets 807,589   792,134 Capital assets 665,923   680,225 Operating lease, right-of-use assets 42,030   42,318 Digital assets 720   674 Intangible assets 42,468   42,779 Goodwill 752,350   752,350 Long-term investments 6,365   6,551 Other assets 10,509   10,981 Total assets$2,327,954  $2,328,012 Liabilities   Current liabilities   Bank indebtedness$8,688  $8,775 Accounts payable and accrued liabilities 335,415   318,088 Current portion of lease liabilities 11,902   13,357 Current portion of long-term debt 15,457   18,160 Current portion of convertible debentures payable 59,224   — Total current liabilities 430,686   358,380 Long - term liabilities   Lease liabilities 158,610   158,155 Long-term debt 118,046   120,425 Convertible debentures payable —   79,529 Deferred tax liabilities, net 9,746   12,256 Other liabilities 4,192   4,400 Total liabilities 721,280   733,145 Stockholders' equity   Common stock ($0.0001 par value; 1,416,000,000 common shares authorized; 144,936,074 and 131,683,075 common shares issued and outstanding, respectively) 145   132 Treasury Stock (1,124,869 and 589,217 treasury shares issued and outstanding, respectively) —   — Preferred shares ($0.0001 par value; 10,000,000 preferred shares authorized; nil and nil preferred shares issued and outstanding, respectively) —   — Additional paid-in capital 6,674,469   6,627,056 Accumulated other comprehensive loss (39,492)  (44,233)Accumulated deficit (5,011,764)  (4,968,623)Total Tilray Brands, Inc. stockholders' equity 1,623,358   1,614,332 Non-controlling interests (16,684)  (19,465)Total stockholders' equity 1,606,674   1,594,867 Total liabilities and stockholders' equity$2,327,954  $2,328,012      Condensed Consolidated Statements of Net Income (Loss) and Comprehensive Income (Loss)     For the three months ended     August 31, August 31, Change % Change(in thousands of U.S. dollars, except for per share data)2026
 2025
 2026 vs. 2025Net revenue$257,147  $209,501  $47,646  23%Cost of goods sold 179,638   152,032   27,606  18%Gross profit 77,509   57,469   20,040  35%Operating expenses:       General and administrative 57,608   41,053   16,555  40%Selling 13,593   12,923   670  5%Amortization 6,500   3,929   2,571  65%Marketing and promotion 15,736   10,155   5,581  55%Research and development 89   41   48  117%Change in fair value of contingent consideration —   (15,000)  15,000  (100)%Litigation costs, net of recoveries 787   1,007   (220) (22)%Restructuring costs 2,447   869   1,578  182%Transaction costs, net 4,802   400   4,402  1101%Total operating expenses 101,562   55,377   46,185  83%Operating income (loss) (24,053)  2,092   (26,145) (1250)%Interest expense, net (6,480)  (6,696)  216  (3)%Non-operating income (expense), net (7,773)  3,832   (11,605) (303)%(Loss) before income taxes (38,306)  (772)  (37,534) 4862%Income tax expense (recovery), net 1,725   (2,285)  4,010  (175)%Net income (loss)$(40,031) $1,513  $(41,544) (2746)%Total net income (loss) attributable to:       Stockholders of Tilray Brands, Inc. (43,141)  (322)  (42,819) 13298%Non-controlling interests 3,110   1,835   1,275  69%Other comprehensive gain (loss), net of tax       Foreign currency translation gain (loss) 4,412   (188)  4,600  (2447)%Comprehensive income (loss)$(35,619) $1,325  $(36,944) (2788)%Total comprehensive income (loss) attributable to:       Stockholders of Tilray Brands, Inc. (38,400)  (489)  (37,911) 7753%Non-controlling interests 2,781   1,814   967  53%Weighted average number of common shares - basic1 133,340,533   106,027,190   27,313,343  26%Weighted average number of common shares - diluted1 133,340,533   106,027,190   27,313,343  26%Net loss per share - basic1$(0.32) $(0.00) $(0.32) 10553%Net loss per share - diluted1$(0.32) $(0.00) $(0.32) 10553%        1The prior year share and amounts have been retrospectively adjusted to reflect the Reverse Stock Split, which became effective on December 2, 2025. See Note 1 (Basis of presentation and summary of significant accounting policies) within the Form 10-Q for the period ended August 31, 2026.         Condensed Consolidated Statements of Cash Flows        For the three months ended     August 31, August 31, Change % Change(in thousands of US dollars)2026
 2025
 2026 vs. 2025Cash provided by (used in) operating activities:       Net income (loss)$(40,031) $1,513  $(41,544) (2746)%Adjustments for:       Income tax expense (recovery), net 1,725   (2,285)  4,010  (175)%Unrealized foreign exchange (gain) loss 4,524   (2,328)  6,852  (294)%Amortization 18,638   15,561   3,077  20%Accretion of convertible debt discount 1,465   1,976   (511) (26)%Unrealized (gain) loss on digital assets (46)  8   (54) (675)%Other non-cash items (1,745)  282   (2,027) (719)%Stock-based compensation 6,584   5,052   1,532  30%Loss (gain) on long-term investments 27   (39)  66  (169)%Loss on derivative instruments —   3,670   (3,670) (100)%Change in fair value of contingent consideration —   (15,000)  15,000  (100)%Change in non-cash working capital:       Accounts receivable (1,319)  14,414   (15,733) (109)%Prepaids and other current assets 1,004   (7,133)  8,137  (114)%Inventory (27,781)  (11,905)  (15,876) 133%Accounts payable and accrued liabilities 20,414   (5,127)  25,541  (498)%Net cash used in operating activities (16,541)  (1,341)  (15,200) 1133%Cash provided by (used in) investing activities:       Investment in capital and intangible assets (11,009)  (9,523)  (1,486) 16%Proceeds from disposal of capital and intangible assets 101   293   (192) (66)%Investment in digital assets —   (1,000)  1,000  (100)%Sale (purchase) of marketable securities, net 2,242   34,697   (32,455) (94)%Proceeds from long-term investments 133   —   133  NM
Business acquisitions, net of cash acquired (720)  —   (720) NM
Net cash used in investing activities (9,253)  24,467   (33,720) (138)%Cash provided by (used in) financing activities:       Share capital issued, net of cash issuance costs 22,338   22,491   (153) (1)%Repayment of long-term debt (5,846)  (2,653)  (3,193) 120%Repayment of lease liabilities (2,438)  (994)  (1,444) 145%Net (increase) decrease in bank indebtedness (87)  1,004   (1,091) (109)%Net cash provided by financing activities 13,967   19,848   (5,881) (30)%Effect of foreign exchange on cash and cash equivalents 828   188   640  340%Net increase (decrease) in cash and cash equivalents (10,999)  43,162   (54,161) (125)%Cash and cash equivalents, beginning of period 229,342   221,666   7,676  3%Cash and cash equivalents and restricted cash, end of period$218,343  $264,828  $(46,485) (18)%         Net Revenue by Operating Segment        For the three months ended For the three months ended(In thousands of U.S. dollars)August 31, 2026 % of Total
Revenue August 31, 2025 % of Total
RevenueBeverage business$101,496  39% $55,739  27%Cannabis business 56,109  22%  64,511  31%Distribution business 84,266  33%  74,007  35%Wellness business 15,276  6%  15,244  7%Total net revenue$257,147  100% $209,501  100%                Net Revenue by Operating Segment in Constant Currency               For the three months ended For the three months ended August 31, 2026   August 31, 2025  (In thousands of U.S. dollars)as reported in constant currency % of Total
Revenue as reported in constant currency % of Total
RevenueBeverage business$101,777  39% $55,739  27%Cannabis business 56,873  22%  64,511  31%Distribution business 85,188  33%  74,007  35%Wellness business 15,433  6%  15,244  7%Total net revenue$259,271  100% $209,501  100%                Net Cannabis Revenue by Market Channel        For the three months ended For the three months ended(In thousands of U.S. dollars)August 31, 2026 % of Total
Revenue August 31, 2025 % of Total
RevenueRevenue from Canadian medical cannabis$4,717  8% $6,146  10%Revenue from Canadian adult-use cannabis 53,564  95%  64,067  99%Revenue from wholesale cannabis 673  1%  4,155  6%Revenue from international cannabis 16,237  29%  13,367  21%Less excise taxes (19,082) (33)%  (23,224) (36)%Total$56,109  100% $64,511  100%                Net Cannabis Revenue by Market Channel in Constant Currency       For the three months ended For the three months ended August 31, 2026   August 31, 2025  (In thousands of U.S. dollars)as reported in constant currency % of Total
Revenue as reported in constant currency % of Total
RevenueRevenue from Canadian medical cannabis$4,804  8% $6,146  10%Revenue from Canadian adult-use cannabis 54,575  96%  64,067  99%Revenue from wholesale cannabis 685  1%  4,155  6%Revenue from international cannabis 16,252  29%  13,367  21%Less excise taxes (19,443) (34)%  (23,224) (36)%Total$56,873  100% $64,511  100%         Other Financial Information: Key Operating Metrics    For the three months ended August 31, August 31,(in thousands of U.S. dollars)2026
 2025
Net beverage revenue$101,496  $55,739 Net cannabis revenue 56,109   64,511 Distribution revenue 84,266   74,007 Wellness revenue 15,276   15,244 Beverage costs 59,489   34,413 Cannabis costs 34,087   41,241 Distribution costs 75,143   66,008 Wellness costs 10,919   10,370 Gross profit 77,509   57,469 Beverage gross margin 41%  38%Cannabis gross margin 39%  36%Distribution gross margin 11%  11%Wellness gross margin 29%  32%Adjusted EBITDA$9,205  $10,181 Cash and cash equivalents, restricted cash and marketable securities as at the period ended: 221,390   264,828 Working capital as at the period ended:$376,903  $433,508      Other Financial Information: Gross Margin and Adjusted Gross Margin         For the three months ended August 31, 2026(In thousands of U.S. dollars)Beverage Cannabis Distribution Wellness TotalNet revenue$101,496  $56,109  $84,266  $15,276  $257,147 Cost of goods sold 59,489   34,087   75,143   10,919   179,638 Gross profit 42,007   22,022   9,123   4,357   77,509 Gross margin 41%  39%  11%  29%  30%           For the three months ended August 31, 2025(In thousands of U.S. dollars)Beverage Cannabis Distribution Wellness TotalNet revenue$55,739  $64,511  $74,007  $15,244  $209,501 Cost of goods sold 34,413   41,241   66,008   10,370   152,032 Gross profit 21,326   23,270   7,999   4,874   57,469 Gross margin 38%  36%  11%  32%  27%           Other Financial Information: Adjusted Earnings Before Interest, Taxes and Amortization     For the three months ended     August 31, August 31, Change % Change(In thousands of U.S. dollars)2026
 2025
 2026 vs. 2025Net income (loss)$(40,031) $1,513  $(41,544) (2746)%Income tax expense (recovery), net 1,725   (2,285)  4,010  (175)%Interest expense, net 6,480   6,696   (216) (3)%Non-operating expense (income), net 7,773   (3,832)  11,605  (303)%Amortization 18,638   15,561   3,077  20%Stock-based compensation 6,584   5,052   1,532  30%Change in fair value of contingent consideration —   (15,000)  15,000  (100)%Project 420 business optimization —   200   (200) (100)%Litigation costs, net of recoveries 787   1,007   (220) (22)%Restructuring costs 2,447   869   1,578  182%Transaction costs, net 4,802   400   4,402  1101%Adjusted EBITDA$9,205  $10,181  $(976) (10)%        Other Financial Information: Adjusted cash operating income (loss)        For the three months ended     August 31, August 31, Change % Change 2026
 2025
 2026 vs. 2025Operating income (loss)$(24,053) $2,092  $(26,145) (1250)%Change in fair value of contingent consideration —   (15,000)  15,000  (100)%Amortization 18,638   15,561   3,077  20%Stock-based compensation 6,584   5,052   1,532  30%Adjusted cash operating income (loss)$1,169  $7,705  $(6,536) (85)%        Other Financial Information: Adjusted net income (loss) and Adjusted net income (loss) per share ("Adjusted EPS")   August 31, August 31, Change % Change 2026
 2025
 ChangeNet loss attributable to stockholders of Tilray Brands, Inc.$(43,141) $(322) $(42,819) 13298%Non-operating expense (income), net 7,773   (3,832)  11,605  (303)%Amortization 18,638   15,561   3,077  20%Stock-based compensation 6,584   5,052   1,532  30%Deferred income tax expense (benefits), net (2,344)  (2,537)  193  (8)%Accretion of convertible debt discount 1,465   1,976   (511) (26)%Change in fair value of contingent consideration —   (15,000)  15,000  (100)%Project 420 business optimization —   200   (200) (100)%Litigation costs, net of recoveries 787   1,007   (220) (22)%Restructuring costs 2,447   869   1,578  182%Transaction costs, net 4,802   400   4,402  1101%Adjusted net income (loss)$(2,989) $3,374  $(6,363) (189)%Adjusted net income (loss) per share - basic and diluted$(0.02) $0.03  $(0.05) (167)%        Other Financial Information: Free Cash Flow        For the three months ended     August 31, August 31, Change % Change(In thousands of U.S. dollars)2026
 2025
 2026 vs. 2025Net cash used in operating activities$(16,541) $(1,341) $(15,200) 1133%Less: investments in capital and intangible assets, net (10,908)  (9,230)  (1,678) 18%Free cash flow$(27,449) $(10,571) $(16,878) 160%Add: growth CAPEX 3,025   3,009   16  1%Add: cash paid for litigation settlements 1,000   2,804   (1,804) (64)%Adjusted free cash flow$(23,424) $(4,758) $(18,666) 392%        

Tilray Brands (TLRY) has been in a strong downtrend and is now trading near its all-time low. The stock peaked at $4.94 in August and has since pulled back to $3.74.

Bold UK-wide campaign puts craft beer back at the centre of culture, celebrating better ingredients, better quality, skilled brewers, beer lovers and the big flavours that make craft worth choosing.

BrewDog consumers are back: sales across the brand’s top six off-trade retailers are up 2.87 times for Punk IPA vs last year’s volume for the same two-week period as the Under New Ownership and Choose Craft campaigns roll out across the UK.

ELLON, Scotland, Oct. 07, 2026 (GLOBE NEWSWIRE) -- BrewDog, a leader in U.K. craft beer and one of the world’s most recognised beer brands, owned by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), is building commercial momentum under Tilray ownership, with a strong weekly sales snapshot and eight new on-trade partnerships spanning live entertainment, sport, pubs and hotels. Its UK-wide Choose Craft campaign will support that momentum, celebrating the quality, flavour and character that make craft beer worth choosing.

Choose Craft marks a confident new chapter for BrewDog and a rallying call for beer lovers across the UK. The campaign, by McCann Manchester, builds on the belief that quality still counts, the campaign celebrates the flavour, craft, creativity and attitude that set great beer apart, and signals BrewDog’s renewed momentum as it champions the category it helped define. The momentum is already showing at retail: since BrewDog began rolling out Choose Craft, EPOS data shows sales across its top six off-trade retailers are up 2.87 times for Punk IPA and Hazy Jane vs last year’s volume for the same two-week period as the Under New Ownership and Choose Craft campaigns roll out across the UK. Building on that momentum, new BrewDog craft beer innovation has secured more than 9,000 new distribution points across the UK. Alongside that retail momentum, BrewDog has secured eight new on-trade partnerships since Tilray took ownership, expanding its presence across live entertainment, sport, pubs and hotels. These include an Official Beer Partner agreement with Underbelly, bringing BrewDog’s full range to Edinburgh Fringe, Boulevard Soho, Skate in Leicester Square and Skate in Trafalgar Square, and a five-year Official Beer Partner agreement with Leicester Tigers. As well as some high profile on trade accounts such as Ladhar, Kew Green and Malones.

Choose Craft is rolling out now across the UK through bold, high-visibility placements, including murals in Manchester and Edinburgh, static and digital advertising across major national railway and underground stations, roadside locations and proximity advertising near key stockists. More than visibility, the campaign is designed to remind beer lovers why craft became a movement: quality ingredients, distinctive flavour, bold ideas and the details that make beer something people actively seek out, talk about and choose with pride.

For BrewDog, the message is clear: the brand is back with purpose, energy and a sharper point of view. Following its Under New Ownership campaign, BrewDog is building on the spirit that made it iconic — uncompromising beer, a passionate community and a belief that craft should lead culture, not follow it.

John Beasley, Chief Marketing Officer, comments: “Choose Craft is a campaign with conviction. It is about putting quality, flavour and the craft beer community back in the spotlight — and reminding beer lovers across the UK why great beer is worth choosing. BrewDog is back with confidence, focus and momentum. We have always believed beer should have character, flavour and attitude. As the UK’s leading craft beer brand, we have a responsibility to champion quality, celebrate the brewers and beer lovers who built this movement, and give people every reason to choose craft.”

BrewDog is giving beer lovers more ways to join in and choose craft, including a grocery and BrewDog.com promotion on 10-packs of Lost Lager for £10, a Tesco-exclusive competition inviting shoppers to help create the next BrewDog beer, and a Scratch to Win mechanic across the on-trade, with experiential activations and customer moments designed to celebrate craft beer where people discover, buy and enjoy it.

Innovation That Raises the Bar for Craft

The campaign is also backed by a fresh wave of craft innovation from BrewDog. With discovery the #2 choice driver in craft after taste, BrewDog is keeping new flavours, formats and beer experiences front and centre. Premium 440ml cans account for 27% of craft sales and attract the category’s most engaged and highest-value shoppers, who spend three times as much as the average craft consumer. BrewDog’s latest beers, alongside the recent Liquid Visions launch, build on that appetite for discovery while reinforcing the brand’s commitment to quality, creativity and choice.

First up, West Coast Session IPA, Palm Break (330ml, 4% ABV), brings bright, easy-drinking craft refreshment with a West Coast edge. Light in body yet full in character, it balances lush fruit notes with a clean snap of bitterness, leaving a refreshing, resin-kissed afterglow.

With the stout market growing at +9.1%, Hazelnut Heist (440ml, 8% ABV) leans into continued consumer interest in rich, indulgent stout styles, particularly over the winter period. A decadent chocolate vanilla stout, it is loaded with roasted hazelnut, smooth vanilla and rich cocoa.

Raspberry Ripple New England IPA, Tripple Ripple (440ml, 6% ABV), is the latest collaboration with Mackie’s Ice Cream, bringing a playful, flavour-led twist to the craft category. It follows the phenomenal performance of the first Mackie’s collab, Two Scoops Stout, which was the #1 NPD brand in the craft category in the six months post-launch and recently won Gold at the World Beer Awards.

Finally, Cloud Engine (440ml, 8% ABV) is a Double Dry Hopped New England IPA that delivers a flavour bomb of mango, passionfruit and ripe citrus, with a silky mouthfeel and none of the bitterness.

About BrewDog  
BrewDog has always had one mission: making people as passionate about great beer as we are.
From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007.
Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognizable craft beer brands, with a global presence spanning breweries, bars and distribution across multiple international markets. BrewDog’s future will continue to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.  

About Tilray Brands 
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.   

Tilray Brands Contacts:
Media 
[email protected]

Investor Relations 
[email protected]

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/537bf3f1-1e5d-4c0f-a2a7-372bd44bc76a
https://www.globenewswire.com/NewsRoom/AttachmentNg/e09104a1-231d-4281-a04b-ecc47e83d668
https://www.globenewswire.com/NewsRoom/AttachmentNg/a7acfb3e-7c16-4e3e-a72f-6b5dc40e0951
https://www.globenewswire.com/NewsRoom/AttachmentNg/05b2ee85-43f9-4f7a-a6b0-b9c131fcfec1
https://www.globenewswire.com/NewsRoom/AttachmentNg/50ae3053-9cd8-4ae5-aecb-55d019832f64
https://www.globenewswire.com/NewsRoom/AttachmentNg/48783ec8-0ee2-4c88-8a55-559a2c6dcf44

TherapeuticsMD (NASDAQ:TXMD – Get Free Report) and Tilray Brands (NASDAQ:TLRY – Get Free Report) are both small-cap healthcare companies, but which is the superior stock? We will contrast the two businesses based on the strength of their risk, profitability, institutional ownership, valuation, earnings, analyst recommendations and dividends.

Volatility and Risk TherapeuticsMD has a beta of 0.65, indicating that its stock price is 35% less volatile than the S&P 500. Comparatively, Tilray Brands has a beta of 1.91, indicating that its stock price is 91% more volatile than the S&P 500.

Analyst Ratings This is a summary of current recommendations for TherapeuticsMD and Tilray Brands, as provided by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score TherapeuticsMD 1 0 0 0 1.00 Tilray Brands 2 2 2 1 2.29 Tilray Brands has a consensus target price of $7.00, indicating a potential upside of 93.91%. Given Tilray Brands’ stronger consensus rating and higher possible upside, analysts plainly believe Tilray Brands is more favorable than TherapeuticsMD. Valuation and Earnings This table compares TherapeuticsMD and Tilray Brands”s revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio TherapeuticsMD $3.02 million 7.85 -$570,000.00 $0.02 102.50 Tilray Brands $915.45 million 0.54 -$121.40 million ($1.08) -3.34 TherapeuticsMD has higher earnings, but lower revenue than Tilray Brands. Tilray Brands is trading at a lower price-to-earnings ratio than TherapeuticsMD, indicating that it is currently the more affordable of the two stocks.

Institutional & Insider Ownership 30.7% of TherapeuticsMD shares are owned by institutional investors. Comparatively, 9.3% of Tilray Brands shares are owned by institutional investors. 1.7% of TherapeuticsMD shares are owned by company insiders. Comparatively, 1.6% of Tilray Brands shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a company will outperform the market over the long term.

Profitability This table compares TherapeuticsMD and Tilray Brands’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets TherapeuticsMD -6.64% -1.09% -0.78% Tilray Brands -13.11% -7.76% -5.59% Summary TherapeuticsMD beats Tilray Brands on 9 of the 15 factors compared between the two stocks.

About TherapeuticsMD (Get Free Report)

TherapeuticsMD, Inc. operates as a pharmaceutical royalty company in the United States. It has a license agreement with Mayne Pharma to commercialize the IMVEXXY, BIJUVA, and ANNOVERA prescription prenatal vitamin products sold under the BocaGreenMD and vitaMedMD brand names. The company sells its prescription pharmaceutical products and prenatal vitamin products through wholesale distributors and retail pharmacy distributors. TherapeuticsMD, Inc. was founded in 2008 and is headquartered in Boca Raton, Florida.

About Tilray Brands (Get Free Report)

Tilray, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc. is headquartered in Canada.

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Tilray Brands (TLRY +1.12%) is having a terrible year. The company's shares have declined by 57% to date. Some may see that as an opportunity to buy the company's shares on the dip, but that's only a good strategy if we have strong reasons to believe the stock will rebound and perform well from here on out. Is that really the case? Perhaps looking at previous times Tilray's shares declined significantly during a calendar year can help shed light on what may happen next.

Image source: The Motley Fool.

History paints a clear picture Choose any calendar year since the turn of the decade at random, and it is much more likely than not that Tilray was a market laggard during that year. Let's start with 2021. Tilray actually started that year on a strong note, rising by more than 600% at some point. However, the company ended up giving up all those gains, and then some. It ended the year down almost 15%, while the S&P 500 gained almost 27% over the same period. But did Tilray bounce back after that? Not really. Let's now turn to 2022, which, in fairness, was a terrible year for the entire stock market. The S&P 500 dropped by 19%. But Tilray lost significantly more value, declining by nearly 62%.

Some may think that Tilray's 2022 performance was due to broader market issues that had little to do with the company. But it also failed to perform well the year after, even as the S&P 500 roared back. The index gained 24%, while Tilray lost 14%. Then the pot company also lagged broader equities in 2024 and 2025 (despite gaining momentum toward the end of that year, it ended up giving up those gains), and again in 2026. Tilray has lost more than 90% of its value since early 2021, whereas investing in an S&P 500 ETF would have more than doubled investors' capital.

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Can Tilray break precedent? Tilray's bulls will be quick to point out that the past is no guarantee of the future. Sure, Tilray has destroyed shareholders' wealth over the past five years, but the company might bounce back, especially if there is regulatory progress in the highly regulated cannabis industry that the company could capitalize on. And there is, in fact, some news on that front. The federal government has moved certain medical cannabis products from Schedule I to Schedule III.

This change will make research into the substance's potential health benefits much easier, potentially opening up monetization opportunities. It will also allow some medical cannabis companies to deduct ordinary business expenses, something they couldn't do before this change. So, that could help decrease expenses and increase operating profits and margins for some pot growers. Further, the U.S. federal government is also considering broader rescheduling of marijuana, which may have an even bigger impact on the industry. Tilray already has operations in the U.S., with a particular focus on its beverage segment. The company is the fourth-largest craft brewer in the country.

So, Tilray may have existing distribution channels to hit the ground running and exploit any cannabis-related opportunities arising from recent (and potential future) regulatory changes. However, rescheduling cannabis doesn't make the substance legal at the federal level. It is still illegal to move it across state lines, for instance. So, while there are some benefits to the recent progress, there are also some limitations. Further, even assuming cannabis is fully legalized, that might not make Tilray particularly profitable. Legalization in its home country, Canada, didn't.

Why think that things will be different in the U.S.? True, the U.S. opportunity would be much bigger, if only because it has a significantly larger population. But it would also attract plenty of competition, perhaps from companies in other highly regulated markets, such as the alcohol industry. It is unclear that Tilray would emerge as a leader. Besides, legalization might also come with its own set of rules that could disrupt the market, as happened in Canada. So, Tilray is a company with uncertain prospects operating in an uncertain industry, posting mediocre financial results. There is little reason to think the stock can bounce back. It's best to stay far away.

InterCure (NASDAQ:INCR – Get Free Report) and Tilray Brands (NASDAQ:TLRY – Get Free Report) are both small-cap healthcare companies, but which is the superior business? We will compare the two businesses based on the strength of their valuation, analyst recommendations, institutional ownership, profitability, risk, earnings and dividends.

Volatility & Risk InterCure has a beta of 1.42, meaning that its stock price is 42% more volatile than the S&P 500. Comparatively, Tilray Brands has a beta of 1.92, meaning that its stock price is 92% more volatile than the S&P 500.

Insider & Institutional Ownership 8.3% of InterCure shares are held by institutional investors. Comparatively, 9.4% of Tilray Brands shares are held by institutional investors. 0.8% of Tilray Brands shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a company is poised for long-term growth.

Earnings & Valuation This table compares InterCure and Tilray Brands”s top-line revenue, earnings per share and valuation. Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio InterCure $270.20 million 0.21 -$10.37 million $0.15 35.10 Tilray Brands $210.48 million 2.56 -$121.40 million ($1.08) -3.66 InterCure has higher revenue and earnings than Tilray Brands. Tilray Brands is trading at a lower price-to-earnings ratio than InterCure, indicating that it is currently the more affordable of the two stocks.

Profitability This table compares InterCure and Tilray Brands’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets InterCure N/A N/A N/A Tilray Brands -13.11% -7.76% -5.59% Analyst Ratings This is a summary of current ratings and price targets for InterCure and Tilray Brands, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score InterCure 1 0 0 0 1.00 Tilray Brands 1 3 2 1 2.43 Tilray Brands has a consensus target price of $7.00, suggesting a potential upside of 77.22%. Given Tilray Brands’ stronger consensus rating and higher possible upside, analysts plainly believe Tilray Brands is more favorable than InterCure.

Summary Tilray Brands beats InterCure on 8 of the 15 factors compared between the two stocks.

About InterCure (Get Free Report)

InterCure Ltd., together with its subsidiaries, engages in the research, cultivation, production, and distribution of pharmaceutical-grade cannabis and cannabis-based products for medical use in Israel and internationally. The company offers dried cannabis inflorescences and cannabis extract mixed with oil. It also invests in biomed sector. The company was incorporated in 1994 and is headquartered in Herzliya, Israel.

About Tilray Brands (Get Free Report)

Tilray, Inc. engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc. is headquartered in Canada.

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ELLON, Scotland and LONDON, Sept. 28, 2026 (GLOBE NEWSWIRE) -- BrewDog, a leader in U.K. craft beer and one of the world’s most recognised beer brands, owned by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), today announced a series of senior leadership appointments designed to strengthen execution, sharpen brand and commercial focus, and support BrewDog’s next phase of growth across the United Kingdom and international markets.

The appointments reflect BrewDog’s continued investment in the people, capabilities, and leadership needed to unlock the full potential of its iconic global brand and build on the momentum of its next chapter as part of the Tilray Brands family.

The senior leadership appointments include:

John Beasley, Chief Marketing Officer — leads BrewDog’s marketing strategy, with responsibility for strengthening brand building, consumer engagement and commercial momentum across key markets. With more than 25 years of beverage marketing experience, including leadership roles at Red Bull and Monster Energy, John brings proven brand-building expertise and a global perspective to support BrewDog's next phase of growth.Gemma Hampton-Stone, Managing Director of Bars and Hospitality — leads BrewDog’s bars and hospitality business, with responsibility for creating standout customer experiences while strengthening performance and growth across the hospitality estate. With nearly two decades of hospitality leadership experience, including overseeing a portfolio of more than 36 pubs, restaurants, hotels and live music venues, Gemma brings the operational expertise and customer-first mindset needed to strengthen BrewDog's bars business and enhance the guest experience.Ridesh Sharma, Category Director — leads BrewDog’s category strategy, with responsibility for sharpening the portfolio, deepening customer and consumer insight, and identifying growth opportunities across markets. Ridesh combines category, commercial, and revenue growth expertise with a strong understanding of customer needs, making him ideally suited to strengthen BrewDog's portfolio and support its next phase of growth.Faisal Khan, Commercial Director, Beverages – Rest of the World (ROW) — leads BrewDog’s commercial efforts across international markets outside Europe, with responsibility for identifying new opportunities and accelerating growth across BrewDog’s global portfolio. Faisal's extensive experience building businesses and managing distributor networks across high-growth international markets makes him ideally positioned to accelerate BrewDog's expansion and unlock new opportunities around the world. Rajnish Ohri, President, International at Tilray Brands, said, “We are entering an exciting new chapter for BrewDog — one defined by renewed ambition, stronger execution and a clear vision for the future. BrewDog is an iconic global brand with an incredible community, talented people, great beer and enormous potential. As part of the Tilray Brands family, we are investing in the leadership, capabilities and focus needed to build on everything that has made BrewDog special while bringing even greater ambition to where we go next.”

Mr. Ohri continued, “These appointments reflect our commitment to building a stronger BrewDog for the future, with the right people empowered to lead and the focus, energy and leadership needed to execute effectively. Our ambition is clear: to make BrewDog stronger, continue to innovate and lead, and build one of the world’s most exciting and influential craft beer brands for the long term. BrewDog’s next chapter is underway, and we believe its best years are ahead.”

Together, the strengthened leadership bench brings additional focus across brand building, consumer engagement, hospitality, category strategy and international commercial growth, supporting BrewDog’s strategy to strengthen the core brand, accelerate innovation and unlock opportunities across retail, hospitality and global markets.

With an expanded leadership team, the strength and scale of Tilray Brands behind it, and a clear focus on long-term growth, BrewDog is building for the future with renewed momentum, stronger execution and confidence in what its teams can accomplish together.

About BrewDog  
BrewDog has always had one mission: to make people as passionate about great beer as we are.  From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007. Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognisable craft beer brands, with a global presence spanning breweries, bars and distribution across multiple international markets. BrewDog’s future continues to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.  

About Tilray Brands 
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods and craft beverages.

For more information on how we are elevating lives through moments of connection, visit

Tilray.com and follow @Tilray on all social platforms. 

Forward-Looking Statements
 Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.  

Tilray Brands Contacts:
Media 
[email protected]

Investor Relations 
[email protected]

NEW YORK and LONDON and LEAMINGTON, Ontario, Sept. 25, 2026 (GLOBE NEWSWIRE) -- Tilray Brands, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a global lifestyle and consumer packaged goods company at the forefront of the cannabis, beverage, hospitality and wellness industries, today announced that the Company will release its financial results for the first fiscal quarter ended August 31, 2026, before the financial markets open on Thursday, October 8, 2026.

Live Conference Call and Audio Webcast

Tilray will host a live conference call, which will be webcast, to discuss these results at 8:30 AM Eastern Time on the same day. The webcast can be accessed on the Events & Presentations section of Tilray’s Investor Relations website.

About Tilray Brands

Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit Tilray.com and follow @Tilray on all social platforms.

Contacts:

Tilray Brands Media: [email protected]

Investors: [email protected]

Under Tilray ownership, BrewDog is back on the front foot — with fresh investment, renewed energy and award-winning beers driving the next chapter for one of the UK and Europe’s biggest craft beer brands.

ELLON, Scotland and LONDON, Sept. 22, 2026 (GLOBE NEWSWIRE) -- BrewDog, by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), is launching a major multi-platform marketing campaign to make one message unmistakable: BrewDog is entering a new era under Tilray ownership, with fresh investment, renewed energy and strong backing behind its beers, bars, people and next chapter of growth.

Irwin D. Simon, Chairman and Chief Executive Officer, Tilray Brands, comments: “This is BrewDog’s first major campaign in a long time, and it is only the beginning. Since acquiring BrewDog, Tilray has moved quickly to put real capital, focus and operating discipline behind the business, including nearly £50 million of investment across operations, working capital, people and the platform needed to support growth. BrewDog is one of the biggest and most recognised beer brands in the UK and across Europe, and we see tremendous opportunity to re-energise it, strengthen its connection with consumers, and build it into an even bigger global business. We are proud to keep brewing BrewDog beer in Ellon, proud to honour its Scottish brewing heritage and fully committed to backing the people, beers, bars, and brewing excellence that make BrewDog such a great beer brand. This campaign is a clear signal of our commitment to the brand, and it is one of many investments we intend to make as we drive BrewDog’s next chapter of growth.”

The campaign will bring that message to market through major out-of-home and above-the-line activity across high-impact consumer, customer, and trade touchpoints. Launching on 21 September, it includes large-format outdoor advertising, digital screens in high-traffic areas and a letter from Tilray, BrewDog’s new owner, in 70,000 print copies of City AM. The City AM letter outlines Tilray’s commitment to BrewDog’s future, including renewed investment in the brand, its people, bars, and brewing heritage.

The creative carries the stand-out lines BrewDog fans and customers expect from the brand, including ‘No More Cunning Stunts. Just Great Beer’ alongside Punk IPA, ‘We’ve Flipped the Bird’ alongside Wingman and ‘A Little Less Allegation’ alongside Elvis Juice. Together, the work draws a confident line under the past while keeping BrewDog’s bold, irreverent personality front and centre.

Stuart Harrison, Chief Growth Officer, BrewDog, comments: “For our customers and trade partners, this campaign is just the beginning — and a clear way to show that BrewDog is entering a new era. Under Tilray ownership, we are investing behind the brand, backing our retail, wholesale and on-trade partners, and giving them the tools, offers and visibility to drive footfall, rate of sale and profitable growth. At the centre of that growth is great beer quality — the beers consumers love and the consistency, credibility, and performance our partners expect from BrewDog. We have the scale, recognition, and portfolio to win with consumers and deliver for customers, and we could not be more excited to work with our partners to capture the opportunity ahead.”

John Beasley, Chief Marketing Officer, BrewDog, comments: “BrewDog has always been at its best when it brings energy, attitude, and ambition to the beer category. Under New Ownership is more than a campaign; it is a statement that BrewDog is back with focus, investment, and the creative firepower to reignite momentum. We are here to support our partners, excite customers and remind the market why BrewDog remains one of the UK and Europe’s greatest beer brands.”

The campaign follows strong momentum across BrewDog’s beer portfolio, drinks platform and innovation pipeline. BrewDog recently swept up at the 2026 World Beer Awards, with Hazy Jane, Wingman and Mackie’s Two Scoops earning Gold and Scotland Country Winner awards, while Punk IPA, Lost Lager, Black Heart, and Mello were recognised among the World’s Best Beers.

To support the campaign, BrewDog will offer high-impact promotions and activations across supermarkets, on-trade, convenience, BrewDog bars and online. In grocery, BrewDog will offer £3 four-packs of Punk IPA direct to consumers, backed by high-impact in-store media, digital screens, social activity, and fixture messaging designed to drive visibility, footfall, and rate of sale. The discounted packs will also be available on BrewDog.com for a limited time.

To help pubs and bars bring that momentum to customers, BrewDog is giving new and existing on-trade customers the chance to win one of up to 1,000 free kegs of Wingman, session IPA. Promoted through trade press, route-to-market customers and the field sales team, operators simply register their interest before 12th October for the chance to win. Full terms and conditions apply.

In October, convenience retailers will be able to buy cases of Punk IPA and Hazy Jane at strong promotional pricing in participating wholesalers, giving them a timely reason to stock BrewDog’s leading beers and pass the saving on to shoppers. High-impact depot and in-store visibility will aim to drive distribution and rate of sale.

Across BrewDog’s UK and Ireland bars, the campaign will bring the ‘Under New Ownership’ message to life through high-impact customer touchpoints from the moment guests walk through the door. Customers will also be invited to raise a glass to BrewDog’s next chapter with a ‘Pint on the New Owner’ available through BrewDog Treats, giving fans and supporters a reason to come in, celebrate the brand’s future and be part of what comes next.

Since acquiring BrewDog, Tilray has invested £50 million to stabilise business operations and has reopened 16 BrewDog bars, including an industry-first community bar in Inverurie, Scotland. BrewDog has also strengthened its growth platform through new partnerships and high-profile brand moments, including a partnership with Underbelly, a five-year official beer partnership with Leicester Tigers, the £1 million World Cup bar tab and Park IPA, a summer out-of-home campaign with Deliveroo that put 20,000 cold cans of Punk IPA into consumers’ hands. Tilray has also expanded BrewDog’s platform beyond its core portfolio. Earlier this year, Tilray, the fourth largest craft brewer in the U.S., introduced 24 Tilray-owned American craft beers into BrewDog bars, including SweetWater, Montauk, 10 Barrel, Shock Top, Alpine, Green Flash and Blue Point, expanding choice for UK consumers and showcasing BrewDog’s bar platform. That platform is also supporting new formats and occasions, including the UK launch of Hi*Ball Energy Drink and BrewDog’s Liquid Visions, a premium craft beer series featuring new hop varieties, fresh beer styles, and creative collaborations. Hi*Ball is also now the official energy drink partner of Wolverhampton Wanders Football Club.

Across supermarkets, pubs, bars and BrewDog’s UK and Ireland venues, the ‘Under New Ownership’ campaign gives consumers, customers and trade partners a clear reason to get behind BrewDog’s next chapter — with great beer, strong promotions and the energy of a brand moving forward with renewed focus, confidence and momentum.

About BrewDog  
BrewDog has always had one mission: to make people as passionate about great beer as we are.

From iconic classics like Punk IPA, to crowd-pleasers like Lost Lager and Wingman, to boundary-pushing innovations like NanoDog, BrewDog has been brewing bold, distinctive beers since 2007.

Born in Scotland and built by a passionate community of beer lovers, BrewDog has grown into one of the world’s most recognisable craft beer brands, with a global presence spanning breweries, bars, and distribution across multiple international markets. BrewDog’s future continues to be shaped by the three things that matter most: People, Planet and Beer.

For more information, visit www.brewdog.com or follow @BrewDog on social media.  

About Tilray Brands 
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

For more information on how we are elevating lives through moments of connection, visit

Tilray.com and follow @Tilray on all social platforms. 

Forward-Looking Statements
 Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.  

Tilray Brands Contacts:
Media 
[email protected]

Investor Relations 
[email protected]

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/b7233ed7-0464-41c6-b5da-ec280f18991e

https://www.globenewswire.com/NewsRoom/AttachmentNg/88c0d85e-d226-4861-a299-6dc43bb7a052

https://www.globenewswire.com/NewsRoom/AttachmentNg/19707b60-6741-43b3-8385-01cd404b7423

https://www.globenewswire.com/NewsRoom/AttachmentNg/e4b7bf8f-a5bb-4236-b8ea-9935fb1f28cb

https://www.globenewswire.com/NewsRoom/AttachmentNg/1fc9521a-fd4e-4b7c-8328-71ee0e1d68ba

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Thus far, 2026 has been an awful year for Tilray Brands (TLRY +1.88%), which is down over 55% as of the end of last week. It's a steep decline for a stock that's already been a bad buy for multiple years.

While it may not seem obvious, there is a reason it might surge in value before the end of the year: the upcoming midterm elections. Here’s why the stock could soon get a spark.

Image source: Getty Images.

The midterm elections could put cannabis stocks back in the spotlightThere's a lot at stake in the upcoming midterm elections. The Republicans currently control both the House and Senate, but this might not be the case for too much longer if the Democrats win back seats. This is where cannabis comes into play.

Cannabis reform has made its way into the headlines this year, with the U.S president announcing plans to reschedule marijuana from a Schedule I substance to Schedule III. Full-blown legalization is not on the horizon, but any talk of reform could potentially win voters for either side, and in doing so, put cannabis stocks in the spotlight. It's something for investors to watch out for.

Tilray is among the most popular and volatile stocks to own in the industry. Often, when there's talk of marijuana reform, the company's stock surges, as investors hope it may lead to long-term growth opportunities. If there are any cannabis-related developments leading up to the midterm elections, that may light a fire under this badly beaten-down stock. While it would take a massive rally for the stock's gains to turn green this year, Tilray has shown the potential to skyrocket quickly in the past.

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A rally is possible, but Tilray's stock isn't worth the riskTilray's stock can surge when there are positive cannabis-related developments. Unfortunately, it inevitably falls back down afterward, as has been the case in recent years. Rallies are often short-lived because the reality is that cannabis reform is a long, drawn-out process that can take months or years, depending on its complexity; it doesn't happen overnight.

While I wouldn't be surprised if cannabis pops back into the spotlight before the year ends and gives Tilray's stock a boost in the process, I don't think that's a reason to buy it today. It's been a highly volatile investment in the past, and without strong fundamentals, there remains a high likelihood for it to fall back down anyway.

BEND, Ore., Sept. 17, 2026 (GLOBE NEWSWIRE) -- 10 Barrel Brewing, the Bend-born craft beer brand known for bold beers, big personality, and bringing people together for a good time, by Tilray Brands, Inc. (NASDAQ: TLRY; TSX: TLRY), is marking its 20th anniversary with a celebration at the 10 Barrel East Side pub on September 19 from 4:00 to 9:00 p.m.

“Twenty years ago, 10 Barrel started with three friends, a love of great beer, and a simple idea: brew beer, drink beer, and have fun doing it,” said Brian Hughes, Sr. Brand Director. “That same spirit still drives us today. Bend has been part of our story from the beginning, so we’re celebrating the community that helped build 10 Barrel with a birthday bash full of old-school beers, throwback prices, live music, and plenty of the unexpected. Come raise a glass with us.”

The 20th Anniversary Party is built for a full night of beer, music and Bend-style fun, with DJ Indica Jones, Amargosa, Rubah Tree and Precious Byrd bringing the soundtrack alongside food trucks, local vendors and throwback beers like Joe IPA, ISA and OG Wheat at throwback prices.

Guests can keep the party going with axe throwing, a photo booth, free flash tattoos, giveaways and plenty of unexpected moments throughout the celebration.

10 Barrel Brewing encourages guests 21+ to drink responsibly.

Event Details

What: 10 Barrel Brewing 20th Anniversary PartyWhen: Saturday, Sept. 19, 2026, 4 to 9 p.m.Where: 10 Barrel East Side, 62950 NE 18th Street, Bend, OR 97701Live music: DJ Indica Jones; Amargosa; Rubah Tree; Precious ByrdActivities: Axe throwing; photo booth; free flash tattoos; giveaways; local vendors; food trucks; throwback beers and throwback prices For more information about 10 Barrel Brewing and its pub locations, visit 10Barrel.com and follow @10barrelbrewing on social media.

About 10 Barrel Brewing Co.

10 Barrel Brewing Company is a craft brewery based in Bend, Oregon, featuring innovative beers brewed locally at each of its four brewpub locations in Bend, Portland, and Boise. 10 Barrel has one simple mindset: Brew beer, drink beer, and have fun doing it. For more information, visit 10 Barrel Brewing and follow @10barrelbrewing on social.

About Tilray Brands  
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.

Forward-Looking Statements

Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

For further information, please contact

Media: [email protected]

Investors: [email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e98db391-015f-4169-a6f6-a08be2eefb44

Tilray Brands (TLRY -3.50%) has been a bad investment for many years. Thus far in 2026, it has lost more than half of its value. It's a continuation of a troubling trend for investors who have held onto the stock, as it's down well over 95% in the past five years.

There's tremendous risk and volatility that comes with Tilray's stock. It's not a stock I'd own or buy. But there is a bullish case to be made for buying it, and it centers around potential marijuana legalization in the U.S. -- even if it isn't on the horizon just yet.

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Why Tilray's stock could surge quicklyTilray Brands has diversified its business in recent years to involve more beverage brands and to expand into the alcohol industry. This looks to be mainly for two reasons: to manufacture growth, and also to put it in a position to have facilities in the U.S. ready to go once marijuana legalization takes place. The first one is a short-term goal, which helps the Canadian company's top line grow via acquisitions, even if the boost may be temporary. The second is part of a longer-term strategy for Tilray, simply to expand in the U.S. in any way that it can.

And the main reason investors buy shares of Tilray centers around the hopes that one day the U.S. will legalize marijuana, and it'll benefit from that development. The good news for prospective investors is that full-blown legalization doesn't have to take place for the stock to soar. In fact, Tilray's stock would likely take off well before then.

Let's look at Canada as an example. It legalized marijuana in October 2018, and even before then, marijuana stocks were surging before it took place, in anticipation of it. While they have crashed significantly since then, Aurora Cannabis and Canopy Growth, the leaders in the industry at the time, were among the hottest growth stocks to own. Their rise in value began a year before legalization took place.

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A similar phenomenon could take place even if there are serious discussions of legalization in the U.S., which would be the top market for cannabis in the world.

Investors should be aware of the risks before taking a chance on TilrayTilray isn't a stock that's going to be suitable for most growth investors, even those with some risk tolerance. This is a stock that's highly risky and whose future is uncertain. It remains unprofitable, and while U.S. marijuana legalization would certainly light a fire under the stock, there's no guarantee if or when that might happen. The stock is primarily suitable for high-risk investors who are willing to take on the significant uncertainty that comes with the stock.

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There is a bullish case for Tilray's stock, but whether the story ends up playing out as investors hope is by no means a certainty.

President Donald Trump directed federal officials to move quickly on marijuana rescheduling, and that effort just survived another legal challenge. Last week, a federal appeals court rejected a request from marijuana opponents to temporarily block the administration from moving forward with broader rescheduling while their lawsuits are considered. The ruling doesn't guarantee marijuana will ultimately move from the stringent Schedule I to the more lenient Schedule III, but it keeps the process alive. And Tilray Brands (TLRY +2.98%) could be one of the marijuana stocks to watch if it happens.

What rescheduling would actually change Moving marijuana to Schedule III wouldn't federally legalize recreational cannabis. Interstate marijuana commerce wouldn't suddenly become legal, and Tilray wouldn't be able to start shipping Canadian recreational cannabis into the U.S. But Schedule III would still represent one of the biggest changes in federal marijuana policy in decades.

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The Trump administration has already placed FDA-approved marijuana products and qualifying state-licensed medical marijuana products into Schedule III, which is reserved for drugs that have some some medical uses. A separate DEA process is considering the broader removal of marijuana from Schedule I. The DEA has argued that marijuana no longer meets Schedule I requirements because it has an accepted medical use and an abuse and dependency profile more consistent with Schedule III.

That broader change could eventually make it easier to conduct cannabis research and expand medical marijuana opportunities. And Tilray has spent years building a business that could benefit from exactly that kind of market.

Tilray is already a major medical cannabis supplier internationally, particularly in Europe. International medical cannabis revenue increased 34% in fiscal 2026. Management has also specifically identified U.S. rescheduling as an opportunity to eventually expand Tilray Medical into the American market. That's a much more realistic catalyst than assuming Schedule III somehow turns Tilray into a U.S. recreational marijuana company overnight.

More than just weed There was a time when buying Tilray was essentially a bet on cannabis legalization in the U.S. That's no longer the case.

Tilray generated a record $915 million in revenue during fiscal 2026 ended May 31, and cannabis is now only one part of the business. The company also owns alcohol brands, wellness products and, following its acquisition of BrewDog, a sizable hospitality and beverage operation. Tilray's balance sheet has improved, too.

The company finished fiscal 2026 with about $235 million in cash, restricted cash and marketable securities, while reducing net debt to just $700,000. Management also reported about $18.2 million in positive operating cash flow excluding working-capital changes, a 157% improvement, and now expects adjusted earning before interest, taxed, and depreciation (EBITDA) of $68 million to $75 million in fiscal 2027. Make no mistake: those aren't the numbers of a cannabis company waiting around for Washington to save it.

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I'm still not sold Federal marijuana reform has been in sight for years. Schedule III was first formally proposed back in May 2024, and the process has been delayed repeatedly by administrative proceedings, political changes, and legal challenges. Those legal challenges aren't over, either.

The appeals court merely refused to pause the rescheduling process. It did not reject the opponents' underlying cases. The court has consolidated three challenges to the broader rescheduling proposal and directed the parties to submit a proposed briefing schedule. So plenty can still go wrong.

There's also another issue. Even if broader Schedule III rescheduling happens, Tilray isn't necessarily the company that benefits most immediately. U.S. multistate cannabis operators could see a much more direct financial impact from reform, particularly if it changes how federal tax rules apply to their businesses. Tilray's potential benefit is more about opening doors for its medical cannabis platform. That's valuable. But it's not the same thing as suddenly gaining access to the entire U.S. recreational cannabis market.

To be fair, I'm closer than I've been in years to buying Tilray. Tilray has record revenue, has essentially eliminated its net debt, is generating improving cash flow, and already has a substantial international medical cannabis operation. Now there's a legitimate federal catalyst that could eventually give that business another large market to pursue.

But I wouldn't suggest buying Tilray solely because Trump wants marijuana moved to Schedule III. I'd buy it only if you're comfortable owning the company even if broader federal rescheduling takes longer than expected -- or never even happens.

A few years ago, Tilray needed U.S. legalization to justify much of the excitement surrounding the stock. Today, the underlying business is in better shape, while federal reform has become potential upside rather than the entire investment thesis.

Tilray Brands, Inc. (TLRY - Free Report) closed at $4.14 in the latest trading session, marking a +2.99% move from the prior day. This move outpaced the S&P 500's daily loss of 0.48%. On the other hand, the Dow registered a loss of 0.29%, and the technology-centric Nasdaq decreased by 0.56%.

The stock of company has fallen by 13.92% in the past month, lagging the Medical sector's loss of 2.01% and the S&P 500's loss of 0.82%.

The upcoming earnings release of Tilray Brands, Inc. will be of great interest to investors. Simultaneously, our latest consensus estimate expects the revenue to be $268.23 million, showing a 28.03% escalation compared to the year-ago quarter.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.42 per share and revenue of $1.1 billion. These totals would mark changes of +61.47% and +20.56%, respectively, from last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Tilray Brands, Inc. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.48% lower. Tilray Brands, Inc. is currently sporting a Zacks Rank of #3 (Hold).

The Medical - Products industry is part of the Medical sector. This industry, currently bearing a Zacks Industry Rank of 103, finds itself in the top 42% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Tilray Brands (TLRY -2.90%) started out as a marijuana company. When it first came public, investors were enamored of pot stocks and the shares rose dramatically. But the marijuana story didn't live up to investors' elevated expectations, and Tilray's stock, along with the rest of the marijuana sector, plunged. Today, Tilray is taking a different approach, and it is starting to show positive results. But investors appear unwilling to give the stock the benefit of the doubt. Here's what's going on.

Is Tilray Brands trying to become a consumer staples company? The big story with Tilray Brands right now really isn't marijuana. What investors really need to pay attention to is management's efforts to add other products to the portfolio, including alcoholic beverages and CBD-infused items. Moreover, Tilray has been focusing heavily on its brands as it seeks to transition into "a global lifestyle and consumer packaged goods company leading at the nexus of the beverage, cannabis, and wellness industries."

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This is a major corporate overhaul, with Tilray effectively seeking to compete with consumer staples companies. It is a highly competitive industry where scale can be an important differentiator. That's an issue, since Tilray's market cap is a tiny $600 million. Distribution, marketing, research and development all involve material costs. It can be difficult to differentiate a company if its revenues are a rounding error relative to larger peers. And that's very much the case here, considering that Coca-Cola (KO +0.52%) generated $13.4 billion in sales in the second quarter of 2026.

That puts Tilray's record fiscal 2026 revenues of $915 million into perspective. Coca-Cola made over 13x that in just a single quarter. While it is true that comparing Tilray to one of the world's largest consumer-staples companies probably isn't fair, it does help to show just how small Tilray really is as a business.

Tilray is achieving solid success, but there's still more to do The next big issue is that Tilray isn't profitable. Despite record revenues, the company still lost $1.09 per share in fiscal 2026. That was a vast improvement over the $24.56-per-share loss in fiscal 2025, but a tiny, money-losing company in the middle of a business overhaul isn't the type of stock most investors should buy. Tilray is only appropriate for risk takers.

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That said, it has done a very good job of diversifying its business beyond marijuana. At this point, it also has a significant business in the craft-brew niche, which it recently expanded through the acquisition of BrewDog. Moreover, revenues increased across all its business segments in fiscal 2026, suggesting the company is executing fairly well. Management just has to find a way to turn that success into profits.

From a big-picture perspective, Tilray's diversification effort and focus on becoming a consumer-staples brand manager are probably good choices. However, given the history of the marijuana industry and the company's ongoing losses, investors aren't willing to afford the company the benefit of the doubt as it looks to turn itself into a profitable business. That's entirely understandable.

Tilray: Record revenues aren't enough At the end of the day, Tilray needs to prove it can be a sustainably profitable business. Record revenues are moving the company in the right direction, as is its effort to diversify. However, until earnings turn positive, most investors are unlikely to buy Tilray stock. So, for now, Tilray remains a business that only the most aggressive investors should buy. But given the changes it is making, it might still be one you want to keep on your watch list, even if you aren't willing to own it right now.

Tilray's revenues and EBITDA are growing, but weak margins, negative cash flow and competition raise questions about its next move.